I am seriously considering 'early' retirement (current age=56) and am more than a little confused with all of the apparent options regarding 401(k) withdrawals. My 'funds' currently reside in 3 basic areas, Cash/Savings (25%); Rollover IRA (50%)(from previous employer) and a smaller 401(k)(25%) with my current employer. It is my desire to draw down somewhat equally from the cash & smaller 401(k) for the next 7 years and then reduce the withdrawals by the amount I expect to receive from Social Security. Of course I do not want to incurr any penalties for the withdrawals prior to reaching age 59 1/2 so that is the question. As I am retiring, inistead of changing jobs, can I do that? Where might I look for definitive rates of withdrawal? I can 'wait' until I am 59 1/2 to touch either 401(k) for that matter. Just not real sure the best course to follow.

Announcements

Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.

When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.

Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.